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Canadian Royalties Inc.: Nunavik Nickel Project Exploration Update

Friday, December 14th, 2007

Canadian Royalties Inc. outlines the objectives for an expanded 2008 exploration program and near-term milestones related to the compilation of 2007 exploration results. The following objectives and plans are based on the excellent results obtained during the 2007 exploration season, which was likely the most successful drill campaign ever conducted on the property.
(1) Pending Assays: A substantial assay backlog remains from the 2007 drill program. The Company will continue to release assay results from Allammaq, exploration drilling, and other zones in batches as they become available.
(2) Allammaq Resource Estimate: The Company intends to produce an initial resource estimate for this new high-grade deposit by the end of March 2008. Receipt of all assay data is required before this exercise can begin.
(3) Expo Resource Update: A revision to the Expo resource estimate is planned and will incorporate 2007 data obtained on sections previously identified as lacking adequate drilling information. The results will be used to refine and optimize Whittle open-pit shells in view of positively impacting strip ratios initially estimated in the June 2007 feasibility study.
(4) Winter Geophysics Program: A winter geophysics program is planned to be performed on high priority target areas in advance of the 2008 drill program.
(5) 2008 Exploration Program
Allammaq: Delineation drilling thus far has outlined substantial thicknesses of high-grade mineralization over a minimum of 200 metres of strike length, with dip length exceeding 150 metres on certain sections. Delineation diamond drilling was conducted at 50 metre centres and is incomplete as the deposit remains open. Further delineation is planned for the Allammaq deposit in order to expand known resources, and to upgrade most of the resource to the Measured and Indicated categories.
Puimajuq: Exploration drilling has returned significant Nickel and Copper values in four (4) drillholes that were drilled into this new, near-surface high-grade discovery. Delineation of the zone is required with sufficient drill density so as to permit a resource calculation with the majority of the tonnage classed in the Indicated category.
Perform in excess of 25,000 metres of diamond drilling in a program that balances both grass-roots exploration and resource drilling.
Mr. Richard Faucher, President and CEO, comments on exploration progress: “We are extremely pleased with our discovery rate and our ability to grow resources, which once again demonstrates value creation through exploration”.
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